Caesars Interactive Entertainment sells social, mobile games business

By Caroline Salls

Pittsburgh, Sept. 29 – Caesars Entertainment Corp. said Caesars Interactive Entertainment, LLC sold its social and mobile games business, according to an 8-K filed Thursday with the Securities and Exchange Commission.

Caesars Interactive is an indirect subsidiary of Caesars Acquisition Co.

The company said proceeds of $4.4 billion received from the sale of the business have been reflected as restricted cash after deducting transaction expenses, amounts paid to Caesars Interactive minority shareholders and taxes.

A net gain of $4.1 billion was recognized in connection with the sale and reflected as an adjustment to stockholders’ equity.

Caesars is a Las Vegas-based casino-entertainment company that filed for bankruptcy on Jan. 15, 2015 in the U.S. Bankruptcy Court for the Northern District of Illinois. The Chapter 11 case number is 15-01145.

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